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Apple (AAPL) Contributed to Aristotle Atlantic’s Focus Growth Composite Performance Due to its Underweight Position

Soumya Eswaran
·2 min read

Aristotle Atlantic Partners, LLC, an investment advisor, released its “Focus Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The market continued its rally in the first quarter and the S&P 500 Index rose 10.56% during the period. Aristotle Atlantic’s Focus Growth strategy returned 10.42% gross of fees (10.40% net of fees), in the first quarter underperforming the Russell 1000 Growth Index’s 11.41% total return. The relative underperformance was due to both allocation effects and security selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Aristotle Atlantic Focus Growth Strategy highlighted stocks like Apple Inc. (NASDAQ:AAPL), in the first quarter 2024 investor letter. Apple Inc. (NASDAQ:AAPL), with a market capitalization of $2.866 trillion, is an American multinational company that designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. One-month return of Apple Inc. (NASDAQ:AAPL) was 10.00%, and its shares gained 8.03% of their value over the last 52 weeks. On May 23, 2024, Apple Inc. (NASDAQ:AAPL) stock closed at $186.88 per share.

Aristotle Atlantic Focus Growth Strategy stated the following regarding Apple Inc. (NASDAQ:AAPL) in its first quarter 2024 investor letter:

"Apple Inc. (NASDAQ:AAPL) contributed to portfolio performance in the first quarter due to the strategy’s underweight relative to the benchmark. Investors continue to be concerned about weak handset sales globally, as well as declining market share and competitive dynamics in the Chinese market, as Huawei has returned to the market with a more competitive premium-priced handset. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds for the company."

A wide view of an Apple store, showing the range of products the company offers.

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Apple Inc.'s (NASDAQ:AAPL) trailing 12-month revenue is $381.62 billion and its year over year quarterly revenue growth rate is -4.30%. Apple Inc. (NASDAQ:AAPL) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 150 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of the first quarter which was 131 in the previous quarter.

In another article, we discussed Apple Inc. (NASDAQ:AAPL) and shared Warren Buffett’s best dividend stock picks. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.